Abstract
This chapter is an assessment of the place of law in the contemporary business education, specifically from the perspective of Indian institutions. The chapter attempts to capture the debate on the structure and treatment of the business law and the challenges of integrating the same in the broader context of business education. A survey of the literature reveals that despite the importance attached to the study of law in the business education, there has been a literal absence of quality debate and discussion on its content and treatment in the Indian academia. Drawing on and comparing with the decades of debate in the US academia on “place of law in business school curriculum,” the paper shall start with an overview of the function and importance of law in the society at large, and specifically to the business. Thereon, the paper looks at the substantive aspects of the course on law in the business school curriculum, with the specific focus on the content and pedagogy suitable for an introductory business law course. The chapter shall also briefly dwell on the question of the appropriateness of teaching ethics through law.
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Notes
- 1.
For the UN, the Secretary General defines the rule of law as “a principle of governance in which all persons, institutions and entities, public and private, including the State itself, are accountable to laws that are publicly promulgated, equally enforced and independently adjudicated, and which are consistent with international human rights norms and standards. It requires, as well, measures to ensure adherence to the principles of supremacy of law, equality before the law, accountability to the law, fairness in the application of the law, separation of powers, participation in decision-making, legal certainty, avoidance of arbitrariness and procedural and legal transparency” (UN 2004).
- 2.
The law and justice is treated as fundamental institutions of the basic structure of society mediating “between political and economic interests, between culture and the normative order of society, establishing and maintaining interdependence, and constituting themselves as sources of consensus, coercion and social control”.
- 3.
See also Johnson et al. (2000).
- 4.
While the author understands that the “management education” is the set objective of the IIMs in India and has wider bearing than “business education,” this paper traces the narrow aspects of business education, which has been the dominant approach across management/business schools across India at the graduate level.
- 5.
The accreditation process presumes the inclusion of all degree programmes delivered by the institution that permit 25 % or more of the teaching for undergraduate programmes or 50 % or more of teaching for graduate programmes to be in traditional business subjects. Traditional business subjects include accounting, business law, decision sciences, economics, entrepreneurship, finance, human resources, international business, management, management information systems, management science, marketing, operations management, organizational behavior, organizational development, strategic management, supply chain management (including transportation and logistics), and technology management. See, AACSB Eligibility Procedures and Accreditation Standards for Business Accreditation Adopted: April 8, 2013 Updated: January 31, 2015 at 9 <http://www.aacsb.edu/~/media/AACSB/Docs/Accreditation/Standards/2013-bus-standards-update-jan2015.ashx>.
- 6.
Gordon–Howell’s conclusions called for more research and less consulting work by faculty, improved regulation, fewer case studies, more theory and analysis, and more teaching of ethics. <http://www.economist.com/node/12762453>.
- 7.
HBS/HLS JD/MBA programme <http://www.hbs.edu/mba/academic-experience/joint-degree-programs/Pages/harvard-law-school.aspx>.
- 8.
Indian Legal System (IIMC); Legal Aspects of Business (IIMA); Legal Aspects in Management (IIML); Business Law (IIMK); Legal Environment of Business (FMS); SP JIMR; Business Law (TAPMI—3credits) Business Law (XLRI); Legal Aspects of Business (SOM IITB).
- 9.
See, IIMB Courses, <http://www.iimb.ernet.in/node/5567>.
- 10.
‘Litigation Cost Survey of Major Companies,’ Statement Submitted by Lawyers for Civil Justice Civil Justice Reform Group US Chamber Institute for Legal Reform For Presentation to Committee on Rules of Practice and Procedure Judicial Conference of the United States 2010 Conference on Civil Litigation, Duke Law School, May 10–11, 2010, at p. 4.
- 11.
Ibid.
- 12.
Introduction to business law, business law, legal aspects of business, legal environments, legal environments of business, legal and regulatory aspects of business, Indian legal system, etc.
- 13.
Law schools have generally moved away from case-based method to problem-based learning, which requires students to solve problems of the kind they will encounter in the real world (Marsnik and Thompson 2013: 201).
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Babu, R.R. (2017). Law and Business: Comparative Perspectives. In: Thakur, M., Babu, R. (eds) Management Education in India. Springer, Singapore. https://doi.org/10.1007/978-981-10-1696-7_10
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